Not all small businesses are shunning the mobile wallet trend, of course. In fact, Square, the mobile payment system created by Twitter founder Jack Dorsey had its
Wednesday at a merchant in Sacramento, California.
Square told CNBC that while it doesn't collect small-business specific data, "millions of retailers" of all sizes use its products.
But the fact of the matter is, small businesses will have to upgrade their terminals in 2015 to comply with new credit card company rules, Sloane said. The burden of responsibility will shift next year from card companies to retailers for fraudulent charges.
Avin Arumugam, executive director of Chase Digital, said it's not too surprising that small companies are shying away from new technology, but upgrading to new compliant terminals means they will likely also be able to accept NFC payments. They are small and more nimble than larger brands, he said, so they can and should consider trying out new technology.
"Small companies, if you really think about it, can often be early adopters of new technology because they aren't as robust as big companies. They can try things out and get them going," he said.